The week so far has been better for Asian stock markets, as they are up for the third consecutive day today. Asian stocks jumped today after Wall Street was buoyed by the new head of the U.S. Federal Reserve Janet Yellen vowed a continuation of low interest rates. The stocks were supported by the stronger Chinese trade figures as well.
Better Chinese trade figures helped China’s Shanghai Composite Index as it went up slightly by 0.3 percent. The government of the country reported faster growth in imports and exports for January that eased worries about slowing growth in the world’s No. 2 economy. Its impact was also seen in the other regional markets like Japan and South Korea.
Upward movement in Japan’s Nikkei 225 continuing as the region’s main index gained 0.6 percent to finish at 14,800.06. The neighboring South Korea’s Kospi added 0.2 percent to 1,935.84. A similar trend was seen in the Hong Kong’s Hang Seng which gained 1 percent to 22,186.85 by late afternoon.
Southeast Asian Stocks Up
Stock markets in Southeast Asia and India also gained to a great extent. The global stock market seems to be happy about Janet Yellen who struck a note of unity with her predecessor, Ben Bernanke, who stepped down last month. She embraced his dual outlook on the economy: It’s strengthening enough for the Fed to slightly pull back its stimulus yet still needs the help of low interest rates.
Her statements gave hope to investors and the Standard & Poor’s 500 rose 19.91 points, or 1.1 percent, to 1,819.75. Similarly, the NASDAQ composite rose 42.87 points, or 1 percent, to 4,191.04. Benchmark U.S. crude for March delivery was up 36 cents to $100.32 a barrel in electronic trading on the New York Mercantile Exchange.
European Stocks Were Moving Up
Like Asian stocks, European stocks rose to great extent. So far, it is their longest winning streak this year. The major gainers like ING Groep NV (INGA) and Societe Generale SA (GLE) posted profit that beat estimates. Both these companies gained at least 3 percent. A similar trend was seen in Heineken NV which climbed 3.4 percent after saying it expects sales to increase in 2014.
Another major gainer was Wm Morrison Supermarkets Plc which added 3.2 percent. The Stoxx Europe 600 Index advanced 0.3 percent to 330.57 at 8:54 a.m. in London. Similarly, Standard & Poor’s 500 Index futures gained 0.1 percent today. Better trade also meant that the MSCI Asia Pacific Index gained 1.2 percent.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org